Axos Bank Review: Mobile Banking for Your Personal and Business Needs

GOBankingRates Score

Axos Bank
GOBankingRates Best Banks 2023 scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks.
Our Take: Axos Bank keeps the banking fees down but also delivers when it comes to options, and you'll have access to personal and business accounts, loans, investing and more through the highly rated mobile app. It is an online-only bank so it does not have branches, but it does offer rewards checking which is a rare find. 
  • Checking Account
  • Savings Account
  • CD Account
  • Banking Experience
How did we calculate this?


  • No monthly maintenance or overdraft fees
  • Excellent checking rewards and rates
  • Highly rated mobile app


  • No physical branches
  • Low rates for CDs and savings
  • No in-person customer service

Axos Bank Overview

Axos Bank began as Bank of Internet USA in 2000. The financial institution’s early goal was to provide customers with banking access 24/7. It took two years to develop a comprehensive online/mobile customer platform, known as Universal Banking, but it was worth it. Axos Bank has ranked among the Best Banks on GOBankingRates’ comprehensive bank study for Best Checking Accounts and Best Online Banks for 2023.

Axos Bank has one office in Las Vegas, Nevada, and expanded its financial services by partnering with H&R Block and providing mortgages to Costco members. Besides banking and loans, Axos also provides business, commercial and industrial banking services as well as trading/investing and retirement planning.

Axos Bank Checking Accounts

Axos Bank’s different checking accounts are each designed for a specific type of banking customer. They all come with minimal fees for a nearly free banking experience. 

  • Essential Checking: The bank’s basic account and the GOBankingRates pick as one of the Best Checking Accounts of 2023. It includes no overdraft fees and unlimited domestic ATM reimbursements and supports early direct deposit, which gets you paid up to two days sooner.
  • Private Client Checking: Individuals with $250,000 in cash qualify for this account which comes with Visa card benefits and a variety of travel perks.
  • Rewards Checking: A higher-yield interest account with the potential to earn higher APYs. Cash-back checking may be Axos Bank’s most unique account as you can get 1% back on account transactions that require a signature, such as writing checks. Rewards Checking could pay 1% cash back on signature-based transactions.
  • Golden Checking: Provides free banking for adults 55 and older.
  • First Checking: Accounts for young adults 13 to 17 years of age. 

Axos Bank Savings Account

Axos Bank high-yield savings account is highly rated based on its low fees and high-interest yield. 

You need at least $250 for the minimum opening deposit. You can receive an ATM card if requested, which you can monitor with the mobile app. There are $0 monthly maintenance fees and no minimum balance requirements. InsureGuard+ is available and provides Federal Deposit Insurance Corporation coverage for individuals with balances over $250,000.

Axos Bank Money Market Account

Axos Bank’s money market will earn you 0.25% APY while still being able to write checks. The rate isn’t as competitive as you could get if you signed up for a rewards checking account or a high-yield savings account. Here are other things you should know about the account.

  • Interest is compounded daily and there is a $1,000 minimum to open an account
  • No monthly maintenance fees
  • No minimum balance requirements

Axos Bank CD Accounts

A certificate of deposit is a good way to save a set amount of money at a guaranteed interest rate. The rate typically varies based on the money you’re willing to invest, so you’ll need to shop around to find the best CD rates.

Axos Bank provides CDs with seven different term lengths and a minimum deposit of $1,000. All terms, ranging from three to 60 months, earn up to an APY of 0.20%. Here are other things you should know about the CD account.

  • Electronic interest transfers are free
  • No setup or maintenance fees
  • Auto-renewal options are available with a 10-day grace period

Axos Bank Banking Experience

Customers seem to be pleased with the banking experience in general. Some of the selling points include:

Customer Service

Axos Bank may not have branches and in-person tellers available but you can still get help from a customer service representative by calling 1-844-999-2967 to speak with a representative about Personal Banking matters. You can also try reaching out to Evo, Axos Bank’s virtual assistant.

Mobile Banking

Axos took two years to create and release Universal Banking, its comprehensive platform that makes it possible to handle basic and advanced tasks through the website or mobile app. It works across all its services and account types so you can manage your accounts, access your investment portfolios, review your loan and bank account balances and transfer funds between qualifying accounts. Axos is highly rated for its mobile app.

  • Google Play: 4.5 out of 5 stars
  • App Store: 4.7 out of 5 stars

Some of the top Axos Bank mobile app features are:

  • Customizable dashboard
  • Mobile app check deposits
  • Access and download documents
  • Two-factor authentication for the utmost security

Convenience and Ease of Use

Online banking allows you to handle most of your bill payments and banking anytime day or night, including holidays. The Axos Bank app and website load quickly and are simple to navigate for a user-friendly experience.

Axos Bank vs. Competitors

Axos Bank’s standout account options earned it a place in GOBankingRates’ Best Banks study in major categories including Best Checking Accounts and Best Online Banks. Here’s how Axos Bank compares to other online low-fee banks:

Axos Bank vs. Chime

Chime goes neck-in-neck with Axos. Both banks have full-featured, user-friendly platforms and no-fee banking. Axos beats Chime on financial services, which Chime is pretty limited on.

Axos Bank vs. Varo

While both Axos and Varo offer a mobile-first experience, Varo savers get a higher APY in their savings accounts, if all requirements are met. However, the account options Axos offers have far more variety.

Final Take

Axos is a great online bank with enough account options for many customers. Whether you’re just starting with a basic checking account or you’d like to manage a larger balance, you’ll be able to grow with Axos. 

Finding a bank that offers rewards checking alone is worth considering. In addition, accounts are free, with no maintenance fees, overdraft charges or ATM transaction costs. Sign up for an Axos bank account today.

Compare to Other Banks

More on Axos Bank

Axos Bank FAQ

Here are the answers to some of the most frequently asked questions about Axos Bank.
  • Is Axos Bank a good bank?
    • Axos Bank is a highly rated online bank. GOBankingRates has ranked it among the Best Online Banks and Best Checking Accounts for 2023. The mobile app also has a rating of 4.7 stars on the App Store and 4.5 stars on Google Play.
  • What are the cons for Axos Bank?
    • Axos Bank is an online-only bank. So if you prefer to do your banking in person, this may not be the best choice for you as it has not physical branches.
  • Who is Axos Bank owned by?
    • Axos Bank is owned by Axos Financial.
  • Which is better: Ally bank or Axos Bank?
    • Axos and Ally are closely matched, with both having a low number of fees. Axos Bank has more account options than Ally. Ally is best when you'd like to open a bank account with no minimums. Choosing between the two would depend on your specific banking needs.

Caitlyn Moorhead, Cynthia Bowman and Melanie Grafil contributed to the reporting for this article.

To determine rankings for the Best Online Banks, GOBankingRates looked at the following factors across exclusively online banks: (1) total assets as sourced from the FDIC; (2) monthly checking fee ratio (percentage based on the minimum to avoid the fee compared to the monthly fee itself); (3) savings APY; (4) 1-year CD APY; (5) customer service options and mobile products offered (24/7 customer service, live chat with a human, mobile app and remote check deposit); (6) Bauer rating (out of 5 stars); (7) products/services offered (auto loans, mortgage loans, credit cards, investment services and insurance); and (8) the average mobile app rating between the Android and Apple app stores. Factors (1) and (2) were weighted 0.5 times, and factors (3) and (7) were weighted 2 times. For all savings and checking account data, only the basic accounts/products offered at each institution were analyzed.

To determine rankings for the Best Checking Accounts, GOBankingRates looked at the following factors from all banks (excluding credit unions): (1) total assets as sourced from the FDIC; (2) number of branch locations as sourced from the FDIC; (3) minimum deposit to open an account; (4) monthly checking fee ratio (percentage based on the minimum to avoid the fee compared to the monthly fee itself); (5) APY on the checking account; (6) overdraft fee amount; and (7) the average mobile app rating between the Android and Apple app stores. All factors were then scored and combined, with the lowest score being best. Factors (1), (2 and (5) were weighted 0.5 times, and factor (4) was weighted 1.5 times.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 2, 2022.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

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